1. On March 20, 2012, the Reporting Person, Ms. Nina Matis, disposed of a total of 45,000 shares of iStar common stock in open market sales transactions. 24,369 shares were sold at an average price of $7.63 per share and 20,631 shares were sold at an average price of $7.59 per share. Following the transactions reported in this Form 4, the Reporting Person is the beneficial owner of a total of 327,161 shares of iStar common stock, which are owned directly.

2. The Reporting Person is also the holder of 319,260 Units representing the right to receive an equivalent number of shares of iStar common stock (net of shares deducted for taxes and other withholdings) if and when the Units vest.

s/ Nina B Matis

03/22/2012

** Signature of Reporting Person

Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person,
see
Instruction
4
(b)(v).